Eagle Hills chairman: Will deliver exceptional work that benefits the Maldivian people, economy

Mohamed Alabbar, Chairman of UAE-based real estate giant Eagle Hills, has pledged that the company will deliver exceptional work that will provide significant benefits to the Maldivian economy and its people.

The commitment comes following the signing of a landmark USD 20 billion (approximately MVR 308 billion) agreement with the Maldivian government on Monday.

The development will be located in Rasmalé, which is set to become the site of the largest housing and urban development project in Maldivian history. Speaking about the partnership, Alabbar described the opportunity to work in the Maldives as a great honor and privilege.

He said the Maldives is regarded internationally as a "dream destination." Noting its unique position in the world, Alabbar said he immediately responded when the Maldivian government expressed interest in discussions. He pledged to deliver the project to the highest standards and uphold the trust placed in Eagle Hills.

Alabbar stressed that, beyond the commercial objectives of the project, contributing to the economic and social well-being of the community is personally important to him. As a Muslim, he said supporting his brothers and sisters within the Islamic community holds particular significance for him.

With 30 years of experience in the industry, Alabbar said Eagle Hills' approach is to acknowledge and apologize for mistakes while learning from past challenges. He said the company would draw on those experiences to reduce future errors, protect the environment and local communities, and create employment and business opportunities aimed at improving citizens' living standards.

Alabbar further said that although Eagle Hills incorporates best practices from Western markets, the company operates with genuine intentions and places community benefit at the center of its work. He assured that he would remain personally involved in the project and work alongside a highly experienced team to deliver exceptional results.

Eagle Hills is a private real estate investment and development company that focuses on creating large-scale, mixed-use destinations in rapidly developing markets. Its developments generally include residential properties, hotels, retail and dining establishments, entertainment venues, and public spaces. The company operates in 20 countries across three continents and has a portfolio valued at more than USD 40 billion.

The "Maldives Waterfront and Marina" development will be built on 500 hectares of reclaimed land in Ras Malé. According to the government, the project will include international hotels and resorts, luxury branded residences, and a major marina. The government projects that the development will generate more than USD 2 billion in annual tourism revenue.

Additionally. Housing Minister Dr. Abdulla Muththalib announced on Monday that Eagle Hills has committed to developing 5,000 housing units in Hulhumalé.